The IRS will begin accepting 2024 tax returns on Monday, January 27th. So, what is new with the IRS this filing season? Direct File, which allows eligible taxpayers to file their taxes directly with the IRS for free, has expanded to thirteen new states from last year. The IRS’s Free File program, which provides access […]
Running your own business is tough, and it is important to take advantage of all available deductions when preparing your taxes. The IRS defines allowable business expenses as those expenses that are “ordinary and necessary” costs of doing business. If you spend time working at home, expenses related to your home’s upkeep (mortgage interest, insurance, […]
Child Tax Credit – reverts to the benefits available prior to the American Rescue Plan as follows: Reverts to up to $2,000 for 2022 – 2025 Each dependent child must be under age 17 Refundable up to $1,400, but no longer fully refundable Advance payments were not issued for tax year 2022 The credit is […]
